NAIROBI (CoinChapter.com)—Ethereum’s market dominance has plummeted to its lowest level since July 2020, reinforcing Bitcoin’s superiority as the leading cryptocurrency. The latest dip comes amid a wave of criticism of Ethereum from Bitcoin maximalists, including cypherpunk Adam Back and former Blockstream CSO Samson Mow, who argue that Ethereum’s ecosystem is fundamentally insecure.
Ethereum Faces Structural Weakness Amid Security Concerns
Ethereum’s declining dominance, now at 10.14%, reflects ongoing concerns over its security model. The latest blow came with the $1.4 billion Bybit hack, in which hackers exploited vulnerabilities in Ethereum-based contracts. Analysts suggest North Korea’s Lazarus Group orchestrated the attack, continuing a trend of exploits that have plagued Ethereum’s ecosystem for years.
Adam Back criticizes Ethereum after another EVM hack. Source: XAdam Back, CEO of Blockstream and a known Bitcoin advocate, seized the moment to bash Ethereum, calling its smart contract system “complex, fragile, blind-signed, and un-securable.” He pointed out that billions of dollars have been drained from Ethereum annually due to these weaknesses. Back emphasized that Bitcoin, in contrast, remains resilient due to its simpler and more secure architecture.
Crypto market cap drops $100B in one hour amid sell-off. Source: XThe Kobeissi Letter reported that the hack exacerbated Ethereum’s price decline, pushing ETH from $2,740 to $2,408 in a matter of hours. Funding rates turned negative as traders rushed to sell, signaling fear-driven activity. Analysts warned that if ETH fails to reclaim the $3,000 resistance level, further declines toward $2,500 could follow.
Samson Mow Proposes an Ethereum Hard Fork to Recover Stolen Funds
Following the Bybit attack, Samson Mow took a jab at Ethereum’s leadership, sarcastically suggesting that Ethereum co-founder Vitalik Buterin should roll back the blockchain to undo the hack. Mow reminded the community that Ethereum had previously executed a hard fork in 2016 following the DAO hack, splitting the chain into Ethereum and Ethereum Classic.
Samson Mow suggests Bitcoin could hit $2M amid ETF hype. Source: XMow’s comments highlight a recurring issue with Ethereum’s governance: the ability to alter its chain to address security failures. Bitcoin proponents argue that such centralization undermines Ethereum’s credibility as a decentralized network, making Bitcoin the only true censorship-resistant blockchain.
Bitcoin Strengthens Its Position as Ethereum Falters
Bitcoin dominance hits 60.36%. Source: Coinglass
Bybit CEO Ben Zhou confirmed that the stolen ETH is being laundered through Chainflip and converted into Bitcoin. This trend reflects a broader movement in the crypto space. Hackers and investors alike prefer Bitcoin as the ultimate store of value and escape route from Ethereum’s vulnerabilities.
As Ethereum’s dominance shrinks, Bitcoin’s resilience and security-first approach reaffirm its status as the undisputed leader in the cryptocurrency market.
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